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Resolved
Fraud
Object
USGFX
Issue
Severe Slippage
Requirement
other
Amount
$500(USD)
Time
35day20hour

Mediation Progress
Hong Kong2020-08-13
Resolved
Z RU YU DE SAN
Australia2020-07-14
Reply
USGFX
The customer's transaction occurred on July 7 from 19:00 to 23:00 Beijing time. Due to a technical problem with the upstream quotation provider of USG, various commodities on the Live 2 Hong Kong server have experienced abnormal quotations during this period. During the period, as long as the customer placed a transaction order when the quotation jumped, it was easy to close the transaction at an unreasonable price. Because after consulting the LP, it was confirmed that part of the transaction price provided was an abnormal quotation. USGFX then immediately followed the PDS Clause 9.3 to cancel the affected transaction orders retrospectively, and the account was restored to the state before the opening of these transaction orders. The content of its PDS terms is as follows: https://www.usgfx.com/Files/zh-CN/PDS_Global.pdf. Among them, Clause 9.3.1 and Clause 9.3.2 state that "obvious error" indicated in Clause 9.3.1 refers to our company, or any market, stock exchange, pricing bank, information source, commentator or official who is reasonably reliant on our company, makes an obvious wrong quote based on the current market conditions at the time of placing the order. When determining whether a situation is an obvious error, the company may take into account all information owned by the company, including but not limited to information about all relevant market conditions, and any errors or unclear expressions in any information source or announcement. As for Clause 9.3.2, when determining whether a situation is an obvious error, the company will treat it fairly. However, when determining whether there is an obvious error, the customer may have signed or been banned to sign the corresponding financial commitment, contract or transaction (or the customer suffered or may suffer any loss of profits, subsequent or indirect losses) according to the order placed with the company. In fact, the company will not take it into account. Without prior notice, this incident and processing procedures are mainly directed to the transaction orders affected by abnormal quotations, not limited to profit or loss orders. If the customer thinks that only the profitable orders will be recovered and the losses will be left, the transaction sheet with problems can be submitted to technical teams for review. If the transaction sheet is confirmed to be affected by the abnormal quotation, it can be processed by the company after review and determination according to the content of the PDS.
Reply
Hong Kong2020-07-08
Contact Broker
WikiFX Overseas Customer Service
WikiFX Overseas Customer ServiceContact Broker
Hong Kong2020-07-08
Verified
WikiFX Mediation Center
WikiFX Mediation CenterVerified
Hong Kong2020-07-08
Start Mediation
Z RU YU DE SAN
USGFX closed my position compulsorily. The service line is an empty one.
Start Mediation
Statement:
1. The above content only represent personal view, do not represent WikiFX's position
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2. Unauthorized reprints of cases in this platform are prohibited. Offenders will be pursued their legal obligations
